Chow Tai Fook launches $2.8 billion IPO with upsize option

Chow Tai Fook Jewellery, the largest jewellery retailer in Hong Kong and China, has an option to increase the deal by 20%.

Chow Tai Fook’s IPO may be the biggest listing in Hong Kong this year (AFP)

Chow Tai Fook Jewellery is kicking off the institutional roadshow today for an initial public offering of between HK$15.75 billion and HK$22.05 billion $2 billion to $2.83 billion. The deal size is below the company’s earlier target to raise as much as $4 billion, which is a reflection of the difficult market environment. However, if the demand proves to be robust, Chow Tai Fook will be able to upsize the deal by 20% and if...